Procter & Gamble Nears Deal
To Buy Wella for $5.9 Billion

By

Sarah Ellison and

Robin Sidel Staff Reporters of The Wall Street Journal

Updated March 18, 2003 3:35 a.m. ET

Procter & Gamble Co., fulfilling its months-long quest to acquire a major European cosmetics business, is set to clinch a deal to acquire German hair-care company Wella AG for roughly $5.9 billion (&euro;5.54 billion), according to people familiar with the matter.

Final details of the transaction were still being worked out Monday night, but a deal is expected to be announced as early as Tuesday morning when A.G. Lafley,...